February 10, 2010 / 3:06 PM / 8 years ago

UPDATE 1-GE unit partners to buy oil and gas properties

* Says to spend 200 mln on acquisitions

* Says forms partnerships with independent E&P cos

* Says to acquire reserves in Williston, Permian basins

Feb 10 (Reuters) - General Electric Co’s (GE.N) oil and gas unit said it had formed partnerships to acquire West Texas and Rocky Mountain oil and gas reserves for a total price of about $200 million.

GE Energy Financial Services said it partnered with independent energy company Sequel Energy to buy oil and gas reserves in Williston basin of North Dakota from exploration and production company St. Mary Land & Exploration (SM.N) for $137 million.

The company also said it acquired $65 million worth of gas reserves from an unnamed seller together with another private oil and gas company, Marlin Energy.

GE Energy Financial Services said it will serve as a limited partner in both the partnerships, with Sequel and Marlin serving as general partners and operators.

    None of the companies released any information on projected production or reserve amounts for the acquired properties.

    Shares of GE were trading up more than 1 percent at $15.62, while those of St. Mary were slightly down at $32.60 Wednesday morning on the New York Stock Exchange.

    For the alerts, please double click [ID:nWNAB5580] (Reporting by Arup Roychoudhury in Bangalore; Editing by Anil D’Silva)

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below